The Monetary Authority of Singapore has been carefully considering adding further restrictions that could affect how retail investors handle crypto.
Tharman Shanmugaratnam Singapore’s senior minister and MAS chairman said the financial authorities may consider placing limits on retail participation for crypto investors as well as introducing rules on the use of leverage for crypto transactions. He also called for regulatory clarity among financial regulators around the world.
Early this year the MAS barred crypto service providers from advertising or marketing in public spaces, and was behind regulations to shut down crypto ATMs in Singapore . According to the MAS, the country’s Payment Services Act empowers the regulator to impose additional restrictions on crypto service providers to ensure better consumer protection, and to maintain financial stability and safeguard the efficacy of monetary policy.
Amid the market downturn, the MAS continues to consider giving the regulatory green light to companies handling digital assets in Singapore. Recently the financial regulator granted Crypto.com an in-principle approval, allowing the crypto exchange to provide certain payment services in the country. Crypto companies including Bitstamp Limited, Coinbase Singapore and Gemini Trust have been granted exemptions for having a license in Singapore, while Binance announced plans to shutter its operations in the country.
